Reference no: EM132956400
Michael's Esports Tutoring reported the following partial list of accounts in its June 30, 2020, financial records:
Michael Lucas, Capital................. $118,400
Interest Expense.............................. $ 8,800
Service Revenue............................ 256,400
Accounts Receivable....................... 56,000
Unearned Revenues...................... 5,400
Salaries Payable............................... 3,400
Salaries Expense............................ 70,000
Amortization Expense.................... 40,800
Accumulated Amortization......... 140,000
Rent Expense................................... 23,600
Supplies Expense.......................... 11,800
Michael Lucas, Withdrawals......... 90,000
Interest Revenue............................ 5,800
Supplies............................................ 5,600
Required
Problem 1: Create the company's closing entries. Include explanations. Prepare a T-account for Michael Lucas, Capital. What is the ending Capital balance at June 30, 2020?
|
What is the amount of cash flows from financing activities
: A company reports operating cash flows of $0.08 billion, investing cash flows of $0.53 billion, What is the amount of cash flows from financing activities
|
|
Find what is the amount of depletion for collins company
: In 2009, Collins company acquired a land for P2,000,000 containing total estimated 175,000 tons. What is the amount of depletion for 2010?
|
|
Prepare Incremental cost analysis
: If it does so, unit sales would remain unchanged and $6.00 of the $10.00 per unit costs of Product A would be eliminated. Prepare Incremental cost analysis
|
|
What the unamortized patent cost at December
: 7/1/14 Legal fees for successful defense of patent purchase on 1/2 75,900. What the unamortized patent cost at December 31, 2014
|
|
Prepare a t-account for michael lucas capital
: Create the company's closing entries. Include explanations. Prepare a T-account for Michael Lucas, Capital. What is the ending Capital balance at June
|
|
Calculate Bette BTCFs and ATCFs for each of these years
: Bette also has selling expenses of $6,000 and is in the 15 percent tax bracket. Calculate Bette's BTCFs and ATCFs for each of these 3 years
|
|
Find what is the entry to record the sale of the asset
: Prepare the entry for subsequent depreciation. If equipment was sold for P8,000,000 one year after revaluation, what is entry to record the sale of the asset?
|
|
Effect of the process impact financial value
: What would be the effect of the process impact financial value creation on the overall value of the firm? Why? How?
|
|
How much is the revaluation surplus on date of revaluation
: How much is the revaluation surplus on date of revaluation? Assets have been carried at cost since acquisition. All assets were acquired on January 1, 2004.
|